Sec. 10a-110a. (Formerly Sec. 10-125). Establishment and management of foundation.
Sec. 10a-110a. (Formerly Sec. 10-125). Establishment and management of
foundation. The board is authorized to establish and manage the foundation as provided
herein. The foundation may, subject to direction, regulation and authorization or ratification by the board: (1) Receive, solicit, contract for and collect, and hold in separate
custody for purposes herein expressed or implied, endowments, donations, compensation and reimbursement, in the form of money paid or promised, services, materials,
equipment or any other things tangible or intangible that may be acceptable to the foundation; (2) disburse funds acquired by the foundation from any source, for purposes of
instruction, research, invention, discovery, development or engineering, for the dissemination of information related to such activities, and for other purposes approved by the
board and consistent with sections 10a-110 to 10a-110g, inclusive; (3) file and prosecute
patent applications and obtain patents, relating to inventions or discoveries which the
university may be justly entitled to own or control, wholly or partly, under circumstances
hereinafter defined; and receive and hold in separate custody, assignments, grants, licenses and other rights in respect to such inventions, discoveries, patent applications
and patents; (4) make assignments, grants, licenses or other disposal, equitably in the
public interest, of any rights owned, acquired or controlled by the foundation, in or to
inventions, discoveries, patent applications and patents; and to charge therefor and collect, and to incorporate in funds in the custody of the foundation, reasonable compensation in such form and measure as the board authorizes or ratifies; and (5) execute contracts with employees or others for the purpose of carrying out the provisions of sections
10a-110 to 10a-110g, inclusive. All property and rights of every character, tangible and
intangible, placed in the custody of the foundation in accordance with said sections shall
be held by the foundation in trust for the uses of the university. The entire beneficial
ownership thereof shall vest in the university and the board shall exercise complete
control thereof.
(1949 Rev., S. 3279.)
History: Sec. 10-125 transferred to Sec. 10a-110a in 1983 pursuant to reorganization of higher education system.
See Sec. 4-73a re determination of actual rate for fringe benefits for funds of the constituent units of the state system
of higher education.